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Killam Completes Apartment Projects
Killam Apartment REIT has completed new apartment developments in Nova Scotia and Ontario.
Killam announced Friday that it finished construction on the Governor, a 12-unit luxury apartment located in downtown Halifax, during the third quarter The development includes 3,500 square feet of ground-floor commercial space.
The Governor is currently 42% leased.
Halifax-based Killam also completed the 169-unit Civic 66 development in Kitchener, Ont. The Civic is 54% leased and includes 3,000 sf of commercial space.
The two projects had a combined development cost of $94.1 million.
Killam has a 139-unit apartment project, known as the Carrick, under development in Waterloo, Ont. Construction is expected to be completed in the second half of 2025 at an expected cost of $83.5 million.
The REIT said it has a 10% stake in the second phase of the Nolan Hill development in northwest Calgary, which is slated for completion in December 2023.
“Killam has a commitment to purchase 100% of the development for $65.0 million,” said the REIT in a news release accompanying its third quarter earnings report.
In September, Killam sold a multi-residential complex in St. John, N.B., for $15 million.
- ◦Lease
- ◦Sale/Acquisition
- ◦Development